Check out this chart comparing the debt of the PIIGS with prior sovereign defaults (at least in recent history), and remember financial earthquakes cause financial tsunamis.
PIIGS Sovereign Debt.jpg (JPEG Image, 660 × 416 pixels):: www.caseyresearch.com/sites/default/files/PIIGS Sovereign Debt.jpg
http://chumly.com/n/f3e921
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